It provides various instruments of CFD trading, including Forex, commodities, stocks, cryptocurrencies, metals, indices, etc., through its core account known as Silver, Gold, Platinum, and VIP account. Further, IGM FX provides relatively low commissions and spreads and allows clients to perform hassle-free trades in the financial markets.
Things You Should Know About IGM FX
- Broker IGM FX allows traders to trade on MetaTrader 4, the world’s most popular and most used platform for web traders and mobile apps. The broker’s website, educational and research sector is quite impressive and informative.
- It also has a dedicated and responsive support team. IGM Forex is located in Limassol, Cyprus, and is regulated and approved by the Cyprus Securities and Exchange Commission (CYSEC) under license number 309/16. Renowned IGM Forex Limited is a parent company of IGM FX, responsible for providing services in the European Economic Area.
- Forex broker is a member of the Investors’ Compensation Fund. It also uses isolated accounts from top-tier financial institutions to fund clients.
- Additionally, it uses advanced technology and an encryption system to secure client data.
- Thus this control of IGM FX in Cyprus identifies it as a safe enterprise for investors and traders; They can trust the broker and start their compelling business journey through IGMFX.
- IGMFX provides customers with MetaTrader 4 accounts; MetaTrader 5 is not available for trading. It is the right choice for brokers because MT is the most popular forex platform globally, which traders highly praise for its durability. It also features sophisticated trading tools such as expert advisors, Algo Trading, Complex Indicators, and even its market.
- IGMFX offers all of the MetaTrader distributions – desktop, web, and mobile. We accessed the web-based platform and opened a demo account. The EOR / USD we spread was no less than two pips, sometimes jumping up to 3 pips. This is a massive difference if compared to industry standards – 1 pip and below, and this makes IGMFX a broker that is expensive for business.
- Lower spreads improve the chances of profit, so we do not recommend IGMFX for wide spaces alone.
How To Open an Account With IGM FX?
IGM FX provides key types of client accounts with advanced trading features and services and access to a wide variety of instruments through different financial markets. Each account has its characteristics and comes with additional benefits, and attractive funds called Silver Account, Gold Account, Platinum Account, and VIP Account. Each store has different features for retail and professional clients. An online form manages to open a new account; The five-step form, a CYSEC standard, includes a questionnaire. Steps include mandatory account verification and deposits to complete the process. New traders can usually pass the verification by submitting a copy of their ID and a proof of residence document. An account opening process is a 5-step form, a CSEC standard.
Let’s take a look at the features of trading accounts.
The Silver Account is suitable for beginners who are just starting or learning the trading process. This account type comes with limited features but is ideal for beginner traders. Here are some of the features:
- Retail customers:
- Minimum deposit: $ 250
- Maximum lift: 1:30
- Expansion: Floating
- Close: 50%
- Margin Call: 100%
- Platform: MetaTrader 4
- Minimum volume per trade: 0.01
- Maximum amount per trade: 50
This type of account is better than the Silver account type and comes with additional features, and is ideal for traders who have some experience in the financial markets.
This type of account is suitable for mature traders and comes with all the business features and services that are advanced and necessary.
This type of account type is the most incredible option offered by a broker, which other brokers in the industry do not regularly provide. This account comes with great features, and the best business options to make your business journey unique are a few features like account size.
Demo Account with IGMFX?
A demo account for both beginners and experienced traders. If you are a beginner, you can practice business through this account. On the other hand, if you are a seasoned trader, you can use this account to compare the services of IGM FX with others. But you will see brokers as the best in the field.
How To Use a Chart With IGM FX?
IGM FX offers MetaTrader 4, a world-famous trading platform. The platform comes with advanced features, trading tools, indicators, and charts. You can use them by logging on to the trading platform. To gain access to the trading platform, you will receive the broker’s login ID and passwords after opening the account.
After opening the platform, click the right corner button and select the Properties option in the menu.
Right-click on the colour tab in the corner and select the chart from various options like candlestick chart, bar chart, line chart, etc.
Once you select it and save it as a template, then click the Tools tab’s Templates tab and choose your saved template and start trading with customisable charts.
Brokers offer multiple charts
- Range Bar Chart
- Line Chart
- Bar Chart
- Candlestick Chart
- Volume Chart
- Tick Chart
- Point & Figure Chart
- Renko Chart
- Kagi Chart
- Three-Line Break Chart
How To Use Leverage In Funds For IGM FX?
IGM FX is part of the Investor Compensation Fund, managed under the auspices of CSEC, which protects deposits of up to 20,000 Euros per person by each client. Each EU member state is obliged to organise a similar insurance fund, which is seen as the last resort of traders if any forex broker finds it challenging to meet its financial obligations. The UK also launched a fund called the Financial Services Compensation Project, which protects clients ’funds up to 85,000 GBP per person.
Leverage business carries a high risk of losing money. More than 75% of traders will lose money trading on high incentives. So, lift efficiently and take each step carefully. Cryptocurrency trading: 1: 200
Forex Trading: 1: 400
Index trade: 125
Stock Trading: 50
Commodity trade: 125
Gain incentives for Silver Account retail customers and professional customers
Retail – 1:30
Professional – 1: 400
Gain incentives for Gold Account retail customers and professional customers
Retail – 1:30
Professional – 1: 400
Leverage for retail customers and professional customers of Platinum accounts
Retail – 1:30
Professional – 1: 400
Leverage for VIP account retail customers and professional customers
Retail – 1:30
Professional – 1: 400
How To Deposit Funds With IGM FX?
IGM FX is a decent broker; it brings several flaws that sometimes make us question its legitimacy. These aspects will be published; please read the review.
Cypriot Watchdog CySEC controls the broker’s parent company IGM Forex Limited. One of the top regulators in the FX industry, you can imagine the responsibility and rigour that this broker has to endure. License applicants are finally verified. The principal requires some very demanding things for them; for one, the proof of financial stability requirement is € 730 000, and all broker users must have their money in separate bank accounts. CySEC is responsible for monitoring all its brokers and is prepared to pay financial penalties for any breach. Brokers licenced by CySEC can pay their users 20,000 in compensation if the brokerage breaks down or the user cannot pay.
IGM FX has a policy of depositing a minimum of $ 250 to open an account. While this is more than the industry’s quality, it is not unreasonable for those who expect to trade in the financial markets. Deposits can be made via bank transfer, credit or debit cards, and through several online e-wallets such as Skrill and Neteller. There is no fee for the deposit.
The available funding methods are Credit / Debit Card, Wire Transfer, Skrill, Neteller, Software, Clara. It is undoubtedly a concern to avoid IGM FX, and the fact that you can recover the deposit without proof of identity as a reason for other arguments is disastrous.
How To Contact Customer Support?
This CSECC regulated broker IGM FX has a highly dedicated and efficient customer support service. When we tried to reach out to the support team, we answered in no time and firmly resolved our question. Traders can connect to them directly via support-type phones, chats, emails, and the broker’s social media handle.
Email: [email protected]
Telephone: +357 25252371
Address: 5, Matthew Matthew Str, Agio Athanasios Industrial Area, Limassol, 4101, Cyprus.
Like many other CFD brokers, IGM FX now only offers support from Monday to Friday. This limits support times from 8:00 to 19:00 GMT. Help is available in several languages and is provided via online chat, telephone, email, or any online form submission. When we contacted the support team, they were as helpful as possible but also “pressured us to open an account to talk to the account manager.”
What Is The Procedure To Withdraw Funds At IGM FX?
The broker provides a wide range of payment options for depositing and withdrawing funds.
- Bank Wire Transfer
- Credit / Debit Card
The minimum withdrawal amount is as follows – $10 for a bank card and $100 for a wire transfer. However, applicable fees are usually required by offshore brokers. Each account is subject to a monthly maintenance fee of $10, which is an entirely unfair clause, especially if we consider IGM FX as a licensed broker! 3.5% of the amount will be charged for bank card withdrawal, while a fixed commission of $30 is applicable for wire transfers! In comparison, most regulated brokers will not charge a penny to meet the withdrawal request!
The dormant account policy is even worse. No account goes dormant after just two months of inactivity and is subject to monthly 80 monthly inactivity fees; it’s a shame! The rest of the regulated forex brokers allow at least six months to pass and will not charge more than 5 to 10 per month. Some brokers don’t even collect inactivity fees!
It shows that IGM FX makes money by looting traders ’accounts, and it is a business model that is ideal for scammers and foreign brokers. We do not recommend trading with IGM FX as traders will lose the money required to pay the necessary fees for the broker.
No bonuses were offered, and this would not be expected because European regulators banned trading incentives without allowing brokers to run such campaigns. It is a measure of customer protection because bonuses are not money for free but a lifting tool that increases risk and benefits brokers, not traders.
Is IGM FX A Good Broker?
The question of ‘whether or not IGM FX is a scam’ puts the company’s reputation behind legitimate work and is unusual considering the concepts. It is primarily a forex broker with license number 309/16. The brokerage firm acquired Hence in 2016. So, it is active in its approach, which wins the minds of traders and investors.
The CSEC controls all the activities that IGM FX performs. Thus, any market player can be confident about their funding. The amount you deposit in the broker’s wallet is secure. The control system is transparent.
Anything with the cover of an authorised entity can get more investors. Thus, it explains why IGM FX is one of the fastest-growing brokers. And the high volumes on its platform are a barometer of its demand and success.
IGM FX merges with investors to provide luxurious comfort and business conditions for your career. It is open to all kinds of customisations and adaptations that meet the expectations of traders. You can use various analytical tools, individual devices, and learning centres to enhance your business skills.
It enables you to conquer the market from any angle using unique tools and resources. The services here are universal and tailored to the needs of market players. Not without the flaws of IGM FX. Specific components could be avoided, especially the various types of fees. In addition, we hope that the spreads are not as high as claimed in the demo account if we continue to dress our readers ourselves if it is a broker for them.